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Ethics in Real Estate

The Cascade Companies

(James Pollak, 1993) This case traces the rise and fall of a real estate syndication group during the turbulent 1980s. The case focuses on promoter practices in investment real estate, in particular, the nature and influence of financial incentives on management behavior. Integrating the disciplines of marketing, finance, and management, the case raises issues of business ethics and the meaning of fiduciary responsibilities, in bad times as well as good. The teaching materials consist of two cases, (A) and (B), each with a companion Teaching Note. To facilitate class discussion, a (C) case presents questions about the ethical situations posed in (A) and (B); an accompanying Teaching Note is also available. This is the Award Case of the Ethics in Real Estate Case Competition sponsored under a grant from the Albert Sussman International Council of Shopping Centers (ICSC) Education Fund.